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Brownstone Ventures Inc. New Israeli Off Shore License

^{Published on 2009-11-02 06:45:43 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Nov. 2, 2009) - Brownstone Ventures Inc. (TSX VENTURE:BWN) announces that AMG Oil Ltd. (OTCBB:AMGOF)(FRANKFURT:AORLB8) ("AMG"), through its wholly-owned subsidiary, Adira Energy Corp. ("Adira"), has been awarded a second petroleum license in offshore Israel (the "Yitzhak License"). Pursuant to the terms of the letter of intent between Brownstone and AMG (see press release dated September 14, 2009), Brownstone has the right, subject to certain conditions, to earn a 15% participating interest in the Yitzhak License.

The Yitzhak License area is centered approximately 17 km off the Israeli coast and stretches from Netanya in the South to Hadera in the North (about 11 km). The Yitzhak License covers a total license area of 127,700 Dunam (approximately - 127.7 square kilometers or 31,555 acres). The Yitzhak License is directly to the North of, and contiguous to the AMG's Gabriella License, which Brownstone also has the right to earn a 15% participating interest.

Like the Gabriela License, the Yitzhak License area is in shallow water with a depth of approximately 150 meters, which the Company believes will make drilling more cost efficient. The Yitzhak License has been granted for an initial period of three years commencing October 15, 2009.

Brownstone has been advised by AMG that during the early 1970s an oil well located in the area covered by the Yitzhak License called "Delta -1" was drilled. The total depth of Delta-1 was 4423m, and ended in the Upper Jurassic. However, this depth is above the oil encountered in the Jurassic Bathonian age limestones in the Yam Yafo-1 (4894m - 4955m) and Yam-2 wells (5315m). It remains unclear as to why drilling stopped at this depth. However, the Delta-1 well was drilled in 1970 before the later discoveries of Yam Yafo-1 and Yam-2. Subsequent to Delta-1 being drilled, seismic mapping demonstrated a structural high extending from Delta-1 to the oil discoveries at Yam Yafo -1 to Yam-2.

About AMG Oil Ltd. - Through its wholly-owned subsidiary Adira Energy Corp., an Ontario corporation, the Company explores for oil and gas in Israel in areas located on-shore in the Hula Valley, Northern Israel, 10km offshore between Netanya and Ashdod, and 17km offshore between Hadera and Netanya. The Company currently holds three petroleum exploration licenses, the Eitan, Gabriella and Yitzhak Licenses, covering an aggregate total of approximately 160,550 acres.

About Brownstone - Brownstone Ventures Inc. is a Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah; 295km2 in the Assam/Arakan Basin, Northeast India; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil; a 50% interest in approximately 160,000 hectares in the Quebec Lowlands and a 15% participating interest in a 97,000 acre off-shore Israel oil and gas block. For additional information, please see Brownstone's website: [ www.brownstoneventures.com ].

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.